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Global oil prices rose after a US court ruling blocked most of the tariffs imposed by President Donald Trump. This sparked optimism in the markets and increased the price of black gold.
Brent: +1.2% to $65.68/barrel.
WTI: +1.3% to $62.62/barrel.
According to Reuters, the court ruled that Trump had exceeded his authority to impose broad trade tariffs, but upheld sectoral tariffs on steel, aluminium and cars. The Trump administration is already preparing an appeal.
“Investors are now getting a break from the economic uncertainty they love to hate,” said City Index analyst Matt Simpson.
Amid this market recovery, new supply risks are emerging:
- Chevron suspends production in Venezuela after revoking its licence.
- Wildfires in Alberta (Canada) have shut down oil and gas fields.
- New sanctions on Russian oil are expected.
In addition, OPEC+ may announce on Saturday an increase in production by 411 thousand barrels per day from July.
“This is part of a strategy to maintain market share,” ING analysts say.
Analysts are also awaiting reports from the API and the US Energy Information Administration on the dynamics of oil, gasoline and distillate stocks.
